My parents won't let me invest?

Question

I'm 16 years old and my parents won't let me invest even if it's my own money. They're not comfortable with the brokerage sites taking mine or my dad's Social security number and stuff... they keep telling me i need more experience and i need to study the stock market and how it works more and such and such. They said i should play with the virtual stock exchange first...why!!!! what do i do?????????????

Answer 1

Why in the world would they need your Dad's Social Security Number?  That's insane.  No one would ever ask for your Dad's SSN, unless they were up to no good.  And if them asking for that information didn't raise a red flag, then your parents are right.  You are not ready.

Answer 2

Listen to your parents!  So you want to play the stock market!!! Great!!! What is your investment strategy?  You just don't pick a stock and hope it goes up?  You have to have a strategy.  Are you going to be an investor, or a trader?  What is your rate of return target?  Are you going to use an online brokerage, or a full service broker.  What fundamentals are you going to base your purchases on?  How will you establish your exit price, once  you own the stock?  Once you do a tech analysis on a stock, what parameters are you going to look at to establish a stock is a good buy.  

A good book for seeing all strategies, (buy it on Amazon used).  What works on Wall Steet by James O shaunessy.  

Answer 3

You can learn a lot about the stock market by using google and joining some Yahoo groups that discuss the market.  Most people have to rely on information they trust rather than doing their own research since we don't have access to everything.  

You can get some ideas by going to www.clearstation.com and www.barcharts.com.

You might also go to      http://thewallstreetbully.blogspot.com/

That blog has several interesting articles each week on investing.

Answer 4

Well, if you are being smart you will take your parents instruction and learn what you are doing before you just throw money at something you obviously don't know anything about yet.  You can do well investing in stocks, but there is a ton of information to learn first...that fact you are able to practice is good..this way..if you choose to invest in the wrong thing you don't lose your money....then, when you know what you are doing you can invest and hopefully make some money.

Answer 5

You are wasting your time. Focus on a college degree first then you will be an adult. If your college is already taken care of then put it in savings.